Many don't appreciate how precious and valuable time, particularly their time, is with regard to achieving financial success. Time management and valuation is less about saving time, and more about maximizing the use of time. Remember, time is money.
How much is your time worth?
Have you calculated how much your time is worth? The value of your time has nothing to do with the fee that you charge per session, or the number of clients that you train each day. The value of time has everything to do with the amount of time, which is money, that you waste each day. During an average work day, how much of your time is truly productive? In a normal 8 hour work day, last than half of that time is used productively. Between holding casual conversations with co-workers, phone calls that run too long, web surfing, and using antiquated methods that you should have developed systems for by now (HINT), hours upon hours are squandered that could be used to increase revenue. Here is a simple exercise that will give you better perspective on the value of your time. Following the logic that less than half the hours spent working are productive, decide on what your goal is for annual revenue; take that number and divide it by 1,760 (number of work days, accounting for vacations, holidays, sick leave, etc.); then multiply that number by 4 (what we estimate is productive time each day), and this is what your time is worth per hour. (Divide this number by 60 to find out the value of your time per minute)
Goal: $80,000 / 1,760 = $45 (base hourly rate)
$45 x 4 (productive time) = $180 (actual value of each hour) or ~$20 per minute
By having a better grasp of the value of your time, your mission is to increase productive time and engage in activities that contribute to reaching your financial goals. For more on how to maximize your time checkout Dan Kennedy's "No BS Time Management For Entrepreneurs."
You will receive more tips on how to maximize your time, in order to maximize your profits!
How much is your time worth?
Have you calculated how much your time is worth? The value of your time has nothing to do with the fee that you charge per session, or the number of clients that you train each day. The value of time has everything to do with the amount of time, which is money, that you waste each day. During an average work day, how much of your time is truly productive? In a normal 8 hour work day, last than half of that time is used productively. Between holding casual conversations with co-workers, phone calls that run too long, web surfing, and using antiquated methods that you should have developed systems for by now (HINT), hours upon hours are squandered that could be used to increase revenue. Here is a simple exercise that will give you better perspective on the value of your time. Following the logic that less than half the hours spent working are productive, decide on what your goal is for annual revenue; take that number and divide it by 1,760 (number of work days, accounting for vacations, holidays, sick leave, etc.); then multiply that number by 4 (what we estimate is productive time each day), and this is what your time is worth per hour. (Divide this number by 60 to find out the value of your time per minute)
Goal: $80,000 / 1,760 = $45 (base hourly rate)
$45 x 4 (productive time) = $180 (actual value of each hour) or ~$20 per minute
By having a better grasp of the value of your time, your mission is to increase productive time and engage in activities that contribute to reaching your financial goals. For more on how to maximize your time checkout Dan Kennedy's "No BS Time Management For Entrepreneurs."
You will receive more tips on how to maximize your time, in order to maximize your profits!
"If it doesn't make dollars, it doesn't make sense!"
No comments:
Post a Comment